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Alexion Pharmaceuticals, Inc. stock price
Alexion Pharmaceuticals, Inc. latest news:
Alexion to fire 20% of global workforce in restructuring
Alexion Pharmaceuticals Inc. said early Tuesday that it plans to fire 20% of its global workforce as part of a restructuring effort. Alexion expects pre-tax savings of about $270 million in GAAP and about $250 million in non-GAAP each year by 2019, and said that expenses associated with the restructuring are expected to total $340 million to $440 million. The changes will affect GAAP EPS guidance but not the company's 2017 revenue guidance or 2017 non-GAAP EPS guidance. Alexion said the restructuring savings will allow it to meet financial ambitions, "including growing GAAP operating margin to 37% and non-GAAP operating margin to 50% in 2019," and that it plans to invest about $100 million a year into research and development starting next year. As part of the restructuring, the company said it plans to eliminate spend and workers associated with de-prioritized drug pipeline programs, close multiple company sites, including its Rhode Island manufacturing facility and certain regional and country-based offices, and outsource certain non-core finance and IT roles. Alexion also plans to relocate its headquarters from New Haven, Ct. to Boston, Ma. by mid-2018, with about 400 jobs based in Boston; New Haven will be Alexion's "Center of Excellence" with about 450 jobs based there in research labs, clinical supply and quality teams, nurse case management and enterprise business services. Alexion shares were not active in premarket trade. Shares have surged 33.7% over the last three months, compared with a 2.4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Alexion stock drops 3.6% on Bloomberg report that it's under investigation
Alexion Pharmaceuticals Inc. shares dropped 3.5% to $120.62 in heavy Thursday afternoon trade after Bloomberg reported that the company is under investigation by the Department of Health and Human Services' Office of Inspector General. HHS did not specify what the investigation is about and Alexion had no immediate comment, Bloomberg reported. Alexion, a biopharmaceutical company with a focus on ultra-rare disorders, has previously said it's under investigation by the Securities and Exchange Commission and Department of Justice, according to Bloomberg. Alexion shares have risen 4.7% over the last three months, compared with a 2.3% rise in the S&P 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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